本研究旨在比較廠商、策略群與產業對台灣企業經營績效的影響差異，考量廠商長短期價值衡量，本研究選擇ROA、Tobin’s Q以及Altman’s Z三項績效指標。經由階層線性模型(Hierarchical Linear Model；HLM)分析發現，2000-2006年間廠商效果解釋台灣製造業者之績效變動高達80%以上，表示台灣製造業廠商對企業獲利具有相當的主導性。此外，策略群與產業效果對廠商經營績效亦皆有顯著影響，此結果與Short et al.,(2007)一致。本研究結果之主要意涵即，國內製造業廠商在研擬與執行相關策略時，除評估本身所具之競爭條件外，亦不應忽視其與主要競爭者間的互動，並應將產業環境條件一併列入考量。

In this essay we examine the relative impacts of firm, strategic group and industry on Taiwan manufacturing firms’ performance. The performance measures used in the study include ROA、Tobin’s Q and Altman’s Z in order to account for the firm’s short-term and long-term values. By applying the hierarchical linear model (HLM) analysis, we have found the firm factor can explain more than 80 percents variance of the firms’ performance over the study period (2000 to 2006), which indicated that the performance of Taiwan manufacturing firms was mainly determined by their own management and strategy. In addition, we also have shown that both strategic group and industry factors were significantly related to the performance of Taiwan manufacturing firms, this finding is consistent with that of Short et al., (2007). In Summary, when formulating and implementing managerial decision, Taiwan manufacturing firms should also take both its possible interactions with main competitors and their industrial environment conditions into consideration.

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